XRP price has been slowly inching higher above the $0.5200 zone, facing resistance near $0.5320 and possibly correcting lower in the coming days. Despite attempting a fresh increase above the $0.5250 zone, the price is now hovering above $0.5220 and the 100-hourly Simple Moving Average. However, there was a concerning break below a key bullish trend line with support at $0.5260 on the hourly chart of the XRP/USD pair, suggesting a potential downtrend in the near future.
XRP managed to stay above the $0.5120 support level and continued its climb alongside Bitcoin and Ethereum. The price successfully cleared the $0.5200 and $0.5250 levels, reaching a high of $0.5325 before correcting gains. Following a decrease, the price traded below the 23.6% Fib retracement level, indicating a possible downward movement. The XRP/USD pair is currently trading above $0.5220 and the 100-hourly Simple Moving Average, with immediate resistance near the $0.5200 level and key resistance levels at $0.5320 and $0.5350. A breakthrough above $0.5350 could lead to further price appreciation, with major resistance levels at $0.550, $0.5560, and potentially $0.5650. Conversely, a failure to surpass the $0.5350 resistance zone may result in a downward trend, with initial support at $0.5260 and subsequent support at $0.5200 or the 50% Fib retracement level.
The hourly MACD for XRP/USD is currently losing momentum in the bullish zone, while the hourly RSI has dropped below the 50 level, indicating a possible shift towards a bearish outlook. Major support levels for XRP price are identified at $0.5260 and $0.5220, with significant resistance levels at $0.5300 and $0.5320. Should the price fail to break above the resistance levels and begins to trend downwards, there is a likelihood of retesting the $0.5120 support in the near term.
While XRP price has exhibited signs of upward movement, the recent resistance levels and technical indicators suggest a potential correction in the near future. Traders and investors should closely monitor the price action and key support/resistance levels to make informed decisions regarding their XRP holdings.
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